FX:XAUUSD   Gold Spot / U.S. Dollar
Gold has been going sideways for 6 years and it recently broke through the trend. Normally I trade the 30 week moving average and you can see from this chart that it crossed the 30 week in November of 2018 and the pullbacks started bouncing on the 30 week moving average. Afterwards it broke trend at 1375 and had that recent rally up to around 1550. Gold is not the only commodity which is going up. You can see that bitcoin also had that huge move up from 3k to 14k recently. With the rise of the S&P 500 and the recent breakout in trend of the S&P 500 and the trend analysis of gold, I can say that the next move in commodities is going to be towards the upside. Now let me talk about short term a little bit.It's possible that there is a pullback to 1420(if it bounces on the 30 week MA), you can see that the RSI and the MACD are somewhat progressed, the RSI could just keep going up but it's not bottomed out by any means. In this scenario, buying the pullback would make sense.
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